Quiz  /  Balance Sheet Class 9 MCQ Questions With Answers

  • 1. 
    Which of the following is a current liability?

  • Accounts Receivable
  • Cash
  • Overdraft
  • Vehicle

  • 2. 
    The Basic Accounting Equation is

  • A = L + D + R
  • SE = A + R
  • L = A + SE
  • A = L + SE

  • 3. 
    What is the name given for all the resources owned by the business?

  • Assets
  • Liabilities
  • Capital
  • All of the Above

  • 4. 
    What is the name given to the owner's or proprietor's account in the business?

  • Assets
  • Liability
  • Capital
  • All of the Above

  • 5. 
    Select the item which is not a component of a balance sheet.

  • Fixed Assets
  • Current Assets
  • Current Liabilities
  • Expenses

  • 6. 
    Cash is listed asA = AssetsL = LiabilitySE = Stockholders Equity

  • A
  • L
  • SE

  • 7. 
    A = 100OE = 20L = ?

  • 120
  • 80
  • 40
  • 5

  • 8. 
    The Statement of Financial Position consist of three main accounts which are :

  • Assets
  • Libilities
  • Capital
  • All of the Above

  • 9. 
    Which of the following is a current asset?

  • Accounts Payable
  • Inventory
  • Overdraft
  • Vehicle

  • 10. 
    Which of the following is not an example of Non-current Asset.

  • Building
  • Motor Vehicle
  • Office Equipment
  • Inventory

  • 11. 
    Which item do we always begin the preparation of the balance sheet with?

  • The Capital
  • The name of the sole trader or company
  • The Date
  • The Assets

  • 12. 
    If assets decrease by $15,000 and liabilities increase by $10,000, Owner's Equity..

  • Increase by $5000
  • Decrease by $25,000
  • Increase by $10,000
  • Decrease by $15,000

  • 13. 
    What is another name for Statement of Financial Position?

  • Income Statement
  • Trading and Profit and Loss Account
  • Balance Sheet
  • None of the Above

  • 14. 
    Retained Earnings is

  • All financing being retained
  • Past earnings not distributed to stockholders.
  • Current periods earnings not distributed
  • Everything left over after current periods dividends

  • 15. 
    A business' inventory is a:

  • Current Asset
  • Current Liability
  • Non Current Asset
  • Non Current Liability

  • 16. 
    Assets are expected to last and to be used by the business for a long time are called_____________________.

  • Assets
  • Current Assets
  • Non-current Assets
  • Capital

  • 17. 
    Liabilities

  • are promises the business is planning to make
  • are debts or obligations of the business from past transactions
  • verbal promises made by the business from past times
  • are debts or obligations of the owner made in the last week

  • 18. 
    Land is listed asA = AssetsL = LiabilitySE = Stockholders Equity

  • A
  • L
  • SE

  • 19. 
    A person's account who owes money to the business for goods or services supplied is known as___________.

  • Assets
  • Accounts Receivable
  • Accounts Payable
  • Capital

  • 20. 
    A _______________ is a resource that is owned by a business.

  • short term
  • asset
  • None of these

  • 21. 
    Assets that likely to change to change into cash in the near future are called____________________.

  • Assets
  • Current Assets
  • Non-current Assets
  • Capital

  • 22. 
    Net Assets = Total Assets -

  • liabilities
  • Total Long
  • Both A & B
  • None of these

  • 23. 
    Which of the following Non-current assets should be listed first in the Statement of Financial Position?

  • Land and Building
  • Fixture and Fittings
  • Machinery
  • Motor Vehicle

  • 24. 
    A cash register is a:

  • Current Asset
  • Current Liability
  • Non Current Asset
  • Non Current Liability

  • 25. 
    A supplier's account to whom money is owed to for goods or services supplied is known as___________.

  • Assets
  • Accounts Receivable
  • Accounts Payable
  • Capital

  • 26. 
    Which of the following is an example of current liability?

  • Cash
  • Accounts Receivable
  • Accounts Payable
  • Capital
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